Legal Funding for Plaintiff Attorneys Who Represent Plaintiffs in Semi-Truck Accidents
Legal Funding for 18 Wheeler Accident Attorneys – In the United States, there are 388,000 such accidents every year. More than 100,000 of these accidents lead to injuries, and over 4,000 of these semi-truck accidents result in fatalities.
Because of the sheer volume of accidents and the inevitable damage semi-trucks create when they are involved, there has been a surge in plaintiffs seeking damages. 18-wheeler lawsuits frequently involve settlements reaching into the millions of dollars, and in some instances, tens of millions of dollars.
In 2023, lawsuit settlements and awards have surpassed the hundred-million-dollar mark.
These lawsuits present an excellent opportunity for plaintiff attorneys who specialize in representing plaintiffs who have been injured in 18 wheeler accidents.
Like most insurance work for attorneys, semi-truck accident lawsuits can take years to wind their way through the court system. Then, once the case settles or a judgment is awarded, it can take several more years to receive your contingency fees.
This can place a heavy financial burden on the law firm. Using legal funding solutions like post settlement funding can help relieve some of that burden.
Injuries From 18 Wheeler Accidents
In the United States semi-truck accidents average 388,000 per year.
In 2020, there were 415,000 large truck crashes reported to the police. Out of those 415,000 crashes, there were 101,000 crashes resulting in injuries. There were also 4,444 fatal crashes involving 18 wheelers.
Of the fatalities involving semi-trucks, most of the people killed were in passenger cars. In 83% of 18 wheeler accidents, the fatality was not the driver of the semi truck.
Accidents involving semi-trucks almost always result in catastrophic damage to the people or property on the receiving end of the accident. Nearly 25% of every accident involving a semi truck, injured someone.
This is why there are so many lawsuits associated with 18 wheeler accidents – there are a lot of them, and they almost always cause massive damage to persons or property.
Because of the volume of wrecks and the damage they cause, semi truck related accidents are big business for the law firms who litigate them.
When someone dies or is seriously injured because of someone else’s negligence, the settlements are often significant, and the judgments should a defense attorney elect to go to trial can be massive – reaching into the hundred million dollar range.
18-Wheeler Accident Plaintiff Attorneys
Lawsuits against trucking companies typically involve claims of negligence or wrongful conduct against a truck driver, trucking company, or other third party.
They may also include claims of dangerous driving, inadequate maintenance or inspection of the truck and trailer, violations of safety regulations or employment laws, and inadequate training for drivers.
Some plaintiff attorneys have also been successful in bringing product liability claims if there is evidence of a defect in the design of the truck involved in the crash.
It can take several months or more to get a settlement from an 18 wheeler accident depending on the severity of the accident and how quickly a legal agreement can be reached between the parties involved.
If there are multiple parties involved in the lawsuit, such as insurance companies, multiple vehicles, or multiple parties who are considered negligent and contributed to the accident, it can take longer for the case to reach its conclusion.
The severity of the accident also plays a significant role in determining the settlement duration. More severe cases usually require extensive analysis of compensation and liability, consequently resulting in a longer settlement process.
The availability of witnesses or evidence, legal representation for all parties involved, and disputes over liability or damages can also impact the timeline.
Disputes over who is at fault or their legal liability can have a significant impact on the timeline for settlement in 18 wheeler accident cases. If parties are unable to agree on who is responsible for the accident, it could take much longer to reach a settlement agreement as more time will be spent attempting to achieve a resolution between them.
In order to avoid delays in an 18 wheeler accident case, it is important to begin collecting evidence as soon as possible. This could include photos of the scene, statements from any eyewitnesses, and even medical records if necessary.
How Long Does It Take to Receive Attorney’s Fees From an 18 Wheeler Accident Lawsuit?
Something most people don’t understand is that when a semi-truck accident case settles or concludes, there isn’t someone outside the courtroom waiting to pay the plaintiff attorney. It can take a long time to receive your contingency fee payment from a defendant.
Factors that determine the length of time it takes for a plaintiff attorney to get paid include:
- Size of the settlement
- The number of plaintiffs and defendants involved
- How well the defendant negotiates the terms of the settlement payment
- The defendant’s perceived ability to pay
- Appeals being filed
- And more
In some circumstances, it can take more than months to receive the contingency fee.
As an example, in the massive USC sexual assault lawsuit, the defendant (USC in this case) was given eighteen months to pay even though they had more than sufficient cash available to pay the settlement the day the case settled.
In the case of the BP Oil Spill case, some plaintiff attorneys waited over a decade to receive their funds.
In the recent class action lawsuit settlement against E-Cigarette maker JUUL, the judge allowed JUUL to pay over the course of ten years.
You see, just because you’ve won a lawsuit or reached a settlement, doesn’t mean you are going to be cashing checks any time soon.
This can place a heavy financial burden on the law firm. Plaintiff lawyers incur significant expenses throughout a lawsuit; expenses they don’t get reimbursed for until the defendant pays what they owe.
Attorneys who litigate plaintiff cases must cover court costs, investigate the accident, take depositions, travel, hire expert witnesses, and hire courtroom graphics experts – all so they can give themselves the best chance at winning for their clients.
And the larger the case, the more money 18 wheeler plaintiff attorneys can expect to extend to win the case, and the longer they generally must wait to get paid.
Imagine having to take on tens of thousands of dollars over the course of a couple of years to win a case as a plaintiff attorney and then also having to wait even longer to get paid – because that is exactly what plaintiff attorneys do.
Because they have been waiting so long to get their fees, and had so many costs associated with the case, many plaintiff attorneys use post settlement funding to get an advance on the contingency fees they are owed so they can get some of that money back in the bank and put it back to work for them.
A post settlement advance for attorneys, which is also sometimes called a loan against lawsuit settlement, settlement loans, settlement cash advances, and lawsuit loans – allows attorneys to receive some of their contingency fees in advance.
Post settlement funding is a financial vehicle that allows plaintiff attorneys to sell some of their settlement to a finance company that specializes in post settlement funding (like Balanced Bridge Funding).
Attorney’s Fees Expected for 18 Wheeler Accidents
Depending on the complexity of the case and the amount of damage done, the amount of fees an 18-wheeler accident lawsuit can generate for a law firm will vary from significant to massive.
Plaintiff Lawyers take around a third of a final settlement or court award if they win the case. This means that if a plaintiff attorney wins a settlement of $100,000, for their client, the contingency fees they earn will be around $33,000.
How Big Do Semi-truck Accident Lawsuit Settlements Get?
When it comes to semi truck accident lawsuit settlements, the size of the settlement is dependent upon the facts and circumstances of the case.
The Size of the Settlement Can Depend On:
- Liability (who is at fault for causing the crash)
- The severity of injuries suffered by all parties involved
- Did someone die as a result of the accident
- Total costs associated with medical treatment
- Property damage sustained in the accident
- Lost wages resulting from physical impairments or inability to work
- Punitive damages as allowed by law
- Product Liability
- Pain and Suffering
- And more!
Laws and regulations can impact the size of the settlement as well. Some states may limit the amount of damages available for truck accidents.
In short, there is no one-size-fits-all formula when it comes to semi truck accident lawsuit settlements. Each case is unique and must be evaluated on its own merits before determining the size of a potential settlement amount.
Why Plaintiff Attorneys Add 18-Wheeler Accidents as a Practice Area
Law firms may consider adding 18 wheeler accident litigation as a practice area because semi-truck accident judgments can reach into the tens of millions of dollars.
In 2023 Werner Enterprises settled with Plaintiffs for $150 million over a semi truck wreck that happened in Sulphur Springs Texas in May 2022, killing two children.
In 2014 Werner had settled over an 18 wheeler crash for $90 million when a seven year old was killed in an accident with one of their vehicles.
In 2016, $80 million was awarded to a plaintiff in a case against Total Transportation from an accident in Savannah GA where the driver ran into the back of multiple cars that had stopped because of another accident. The truck driver never hit his brakes. Five students died, and two more were seriously injured.
Other large 18 wheeler accident lawsuit settlements
- $45 million verdict in favor of seven individuals who were injured when their van was struck by an 18 wheeler in Arkansas in 2011
- $25 million verdict in favor of an elderly couple who were seriously injured when they were struck by an 18 wheeler in Missouri in 2013
- $25 million settlement for the family of two individuals who were killed when their car was hit by an 18 wheeler in Florida in 2014
- $17.5 million verdict for a woman who suffered severe injuries after her car was struck by an 18 wheeler in New York in 2015.
And these are just a few of the major lawsuit results that have been reached over the years.
Remember, there are over 100,000 injuries per year involving 18 wheeler accidents and over 4,000 deaths. Many of those injuries and deaths will result in a lawsuit and a settlement which can often reach into the millions of dollars.
This makes 18-wheeler accident litigation a great source of revenue for the law firm. It is also an excellent opportunity to represent individuals (or families) who have been severely injured or died, as the result of negligent trucking companies or truck drivers.
Post Settlement Funding for Attorneys Who Take on 18 Wheeler Accident Litigation
Attorneys use post settlement funding to take an advance on the contingency fees they are owed from semi-truck accident lawsuits they’ve won for their clients.
Get Some of Your Fees Fast
If you are a plaintiff attorney who represents 18 wheeler accidents, and you are just waiting to receive your funds, you can work with a company like Balanced Bridge Funding and get some of your money right away (for a fee). In the industry, this is known as a “settlement advance.”
How a Post Settlement Funding for Attorneys Works
Let us explain how post settlement funding for attorneys works. Let’s say a plaintiff attorney is due to receive $100,000 in attorney fees in six months as part of a lawsuit settlement from an 18 wheeler accident they have won for their client. But they want to take out a $27,000 settlement advance right away.
This is a fictitious example of how post settlement advances for lawsuits work:
- $100,000 – This is the amount of fees the attorney is owed in six months from the lawsuit settlement. The money owed from the lawsuit is considered an asset (like a stock or bond) and it can be sold to someone else for an agreed price.
- $30,000 – This is the amount of settlement advance the attorney wants to receive and use now.
- $27,000– This is the amount of money the attorney receives right away from Balanced Bridge Funding because they agreed to sell a portion of the lawsuit settlement to Balanced Bridge Funding. Balanced Bridge Funding now owns the right to a portion of the lawsuit settlement.
- $3,000 – This is the amount of money Balanced Bridge Funding makes for advancing to the attorney assuming payment is received in the six months agreed upon.
- Balanced Bridge Funding bought the asset for $27,000 and will receive $30,000 from the attorney when the settlement is paid in six months, earning Balanced Bridge Funding $3,000.
NOTE: This information is a fictional example for the purpose of explaining how post settlement funding for lawsuits works and does not reflect the rates or fees charged for post settlement funding. Each case is different and the amounts will depend on various factors including the time it takes for the case to collect.
Is Post Settlement Funding a Loan?
A settlement advance is not a loan. When you receive a post settlement advance, the legal funding company does not loan you money. The money you are owed from a settlement is considered an asset (like a stock or bond). And just like any other asset you own (like a stock, bond, or your car or house); you can sell it to someone else for an agreed price.
Using the example from the infographic above, this attorney agreed to sell $25,000 of their contingency fees for the price of $30,000. The settlement advance company now OWNS the right to $30,000 of the lawsuit settlement and will receive their money directly from the attorney when they are paid. They bought the asset for $25,000 and will receive $30,000 from when the settlement is paid, earning the legal funding company $5,000.
Summary – 18 Wheeler Accident Lawsuit Settlements – Costs and Contingency Fees
There are over 100,000 injury causing accidents involving 18 wheelers every year in the United States.
There are over 4,000 fatalities per year involving semi truck accidents.
When semi-trucks are involved in an accident, often someone is hurt or killed and it usually isn’t the semi-truck driver.
Because there are so many 18 wheeler accidents that cause bodily injury or death, there are a lot of lawsuits filed against those companies. Semi truck accidents are big business for the plaintiff attorneys who bring cases for their clients against trucking companies.
Settlements easily reach into the millions, and in the largest cases, tens or even hundreds of millions of dollars. It just depends on how severe the injuries were, and the perceived negligence on the part of the trucking company for the accident.
Once a settlement is reached, it can take months, years, or more than ten years for plaintiff attorneys to collect their fees.
One way plaintiff attorneys can get some of their money faster is to take on a post-settlement cash advance on their contingency fees once a settlement has been reached. This allows them to recoup some of their money right away to keep their law firms growing.
Post Settlement Funding is a Non-Recourse Transaction: We Accept All the Risk
Post settlement funding is a non-recourse transaction. This means you don’t need to worry about what might happen if the defendant suddenly can’t pay — we accept all risk of non-payment, meaning that you will still get to keep the money from your settlement advance if the defendant goes bankrupt or is unable to pay for whatever reason.
Fast, Hassle Free Application
In most cases, we can get your money in your hands in one week or less.
Our application is simple, straightforward, and easy to complete. Remember, this isn’t a loan, so there isn’t as much paperwork to go through. In most cases, we can approve your application and have your money deposited into your checking account in a matter of days.
If you think Post Settlement Funding for Attorneys could be the right fit for you, please call one of our Post Settlement Funding specialists at 267-457-4540.
Or to apply online, simply CLICK HERE and fill out our quick application.
About The Authors – Balanced Bridge Funding
Balanced Bridge Funding offers legal funding solutions for plaintiff attorneys, attorneys, and law firms. To talk to one of our legal funding specialists about post settlement funding for attorneys, please call 267-457-4540 or email info@balancedbridge.com.
